PaySign, Inc. (NASDAQ:PAYS) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET
Company Participants
Mark Newcomer - Chief Executive Officer
Jeff Baker - Chief Financial Officer
Conference Call Participants
Gary Prestopino - Barrington Research
Operator
Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PaySign, Inc. Third Quarter 2023 Earnings Conference Call. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded, but comments on today's call regarding PaySign's financial results will be on a GAAP basis unless otherwise noted, PaySign's earnings release was disseminated to the SEC earlier today and can be found on the Investor Relations section of our website, paysign.com, which includes reconciliations of non-GAAP measures to GAAP reported amounts.
Additionally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding PaySign's future performance. Actual performance could differ materially from those forward-looking statements. Information about the factors that could affect future performance as summarized at the end of PaySign's earnings release and in our recent SEC filings. Lastly, a replay of this call will be available until February 7, 2024. Please see PaySign's earnings release for details on how to access the replay.
It's now my pleasure to turn the call over to Mr. Mark Newcomer, CEO. Please go ahead.
Mark Newcomer
Thank you, Kevin, good afternoon, everyone, thank you for joining PaySign's third quarter 2023 earnings call. I'm Mark Newcomer, Chief Executive Officer, and I'm pleased to share our third quarter financial results with you. I will briefly discuss our performance and provide updates on our plasma and patient affordability verticals before handing over to our CFO, Jeff Baker.
Additionally, Matt Turner, President of patient affordability, will be joining us for the question-and-answer session. We delivered solid top and bottom-line growth this quarter, with revenue up 17% from last year's third quarter to $12.4 million and net profit improving by 29%,with all business segments contributing to our growth. We continued to see healthy growth in our plasma donor compensation businesses as we added a total of 19 new centers in the quarter, of which 16 are fully mature.
We did not experience any center closures during the third quarter, and we exited the quarter servicing 462 centers. The average monthly revenue per center increased 7.8% compared to Q3 of last year and 6.7% from Q2 2023 to approximately $8,100. It should be noted that this level of eclipse the $8,000 per center milestone last seen prior to the COVID-19 pandemic as our clients are focusing on increasing donations at the existing centers.